The mortgage delinquency rate in October 2021 was 3.8%. Comparatively, the overall delinquency rate in October 2019 was 3.7%
Delinquency Rates in October 2021 Fell for Seventh Consecutive Month
During October 2021, 3.8% of the nation’s mortgages were in some stage of delinquency (30 days past due including home mortgages in foreclosure.) One year prior in October 2020, 6.1% of home mortgages were in some stage of delinquency. Two years ago in October 2019, 3.7% of home mortgages nationwide were in some stage of delinquency. (All of this data is sourced from CoreLogic in its latest Loan Performance Insights Report.)
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Two critical facts to underline in this above paragraph: October 2021 was the seventh consecutive month that the overall mortgage delinquency rate fell AND, comparatively, the overall mortgage delinquency rate of 3.8% in October 2021 nearly hit the pre-pandemic mortgage delinquency rate of 3.7% in October 2019.
Overall Delinquency Rates
Take a look at the breakdown of overall mortgage delinquency rates in October 2021, according to the latest CoreLogic Loan Performance Insights Report:
- Early-stage delinquencies (share of mortgages that 30-59 days past due) – 1.2% in October 2021, down from 1.4% in October 2020
- Moderate-stage delinquencies (share of mortgages that 60-89 days past due) – 0.3% in October 2021, down from 0.6% in October 2020
- Serious-stage delinquencies (share of mortgages that 90 days or more past due) – 2.2% in October 2021, down from 4.1% in October 2020
- Foreclosures (share of mortgages in some stage of foreclosure process) – 0.2% in October 2021, a 22.5 year low
- Share of borrowers behind on payments by 6 months or more – 1.6% in October 2021 – representing roughly 40% of overall delinquency rate.
CoreLolgic also tracks the rate at which mortgages transition from one stage of delinquency to the next stage. In October 2021, the share of mortgages that transitioned from current to 30-day delinquency was 0.7%, down from 0.8% in October 2020.
States with Highest & Lowest Rates of Mortgages Past Due At Least 30 Days in October 2021
- Louisiana – 8.0%
- Mississippi – 6.5%
- New York – 5.7%
- Alabama – 5.0^
- Oklahoma – 5.0%
- National – 3.8%
- Colorado – 2.3%
- Montana – 2.2%
- Washington – 2.2%
- South Dakota – 2.1$
- Idaho – 1.9%
Shares of Mortgages Past Due At Least 30 Days in October 2021 for Ten Largest Metro Areas
- Houston – 5.4%
- New York – 5.4%
- Miami – 5.2%
- Chicago – 4.3%
- Las Vegas – 4.1%
- Washington DC – 3.8%
- Boston – 2.8%
- Los Angeles – 2.8%
- Denver -2.2%
- San Francisco – 2.0%
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Despite overall delinquency rates decreasing in October 2021 nationwide, some metros are seeing elevated delinquency rates including:
- Houma-Thibodaux, LA – 13.5%
- Odessa TX – 10.22%
- Hammond LA – 9.7%
- Laredo TX – 9.6%
Thanks to CoreLogic.
